28, September 2016

An Indian company, Trupay, is creating a home-grown alternative to Visa and MasterCard, allowing banks to do away with the transaction surcharge and longer settlement periods implemented by such payments networks.

The Unified Payment Interface (UPI) created by the Reserve Bank of India for banks, and uses the central bank-assisted National Payments Corporation of India (NPCI), which has a database of all bank accounts and the phone number and Aadhaar numbers they are linked to. So far 21 banks are on UPI.

5 things to know how it works for customers:

it has been launched keeping cashless transaction.

UPI will turn smartphone into a payment bank. All you need is a smartphone and banking app to send and receive funds instantly or to make a payment while any retail purchase.

Presently, sending or receiving money is done through either NEFT, RTGS, or IMPS system, which needs mandatory information of the recipient like bank account details of the recipient, the IFSC code of the bank, bank account number, etc. With UPI, only mobile number of the recipient is required for an instant transfer any time or day of the week using just your Smartphone.

Transfer of money from bank account can happen to merchant’s account instantly using UPI.

UPI-based money transactions are available 24/7 including holidays. One can transfer money from India to any other country using UPI by just opening the banking app or UPI app.

2.India now ranks 39 among most competitive economies:- WORLD ECONOMIC FORUM(WEF)

Source: The Hindu

India has risen rapidly among all countries in the global competitive stakes by climbing 16 notches to the 39th position during the past year in the WEF’s Global Competitiveness Index.

According to the World Economic Forum’s (WEF) latest Global Competitiveness Report for 2016-17 this marks the biggest scale of improvement in competitiveness among all countries and is the second year in a row India has gone up 16 ranks in the WEF index.

It suggests that improvements in institutions and infrastructure have increased overall competitiveness along with recent reforms such as opening the economy to foreign investors and increasing transparency in the financial system.

Keyfacts:

Indian economy boasts the highest growth among G20 economies mainly due to improved monetary and fiscal policies, as well as lower oil prices which has stabilized economy.

India has emerged as the highest rising economy due to improvement in goods market efficiency, business sophistication and innovation.

India’s competitiveness has improved across the board, particularly in innovation (29), goods market efficiency (60) and business sophistication (35) indicators of GCI.

India still needs remove labour market rigidities and the presence of large, public enterprises especially in the utilities and financial sector make the economy less efficient.

The Securities and Exchange Board of India (SEBI) chairman U.K. Sinha has said that the BRICS countries — Brazil, Russia, India, China and South Africa — should come together and form a common bond market for the benefit of all participating nations.

Sharing the experiences in developing the bond markets and to create an exclusive BRICS Bond Market.

Health Ministry receives detailed report on Scrub Typhus from HP Govt

Source: PIB

In view of the rising number of cases and reported deaths due to of Scrub Typhus in Himachal Pradesh, , Union Minister of Health and Family Welfare had sought a detailed report from the State Government.

Having received the detailed report, the Union Health Minister has assured all support to the Himachal Pradesh Government in managing the endemic disease observed in this region.

The government has decided to send an expert committee to the State on its request.

It is also very closely monitoring the situation and is ready to provide all logistical and technical support to the Himachal Government to strengthen their capacity to effectively manage the situation.

About Scrub Typhus:

Scrub Typhus is an acute illness caused by a bacterium Orintia tsutsugamushi, which is transmitted by the bite of an infected mite larva present in the soil having scrub vegetation. Himachal is an endemic region as it has a large scrub vegetation.

SAARC summit: “The growing interference in the internal affairs of Bangladesh by one country has created an environment which is not conducive to the successful hosting of the 19th SAARC Summit in Islamabad.

In this regard, the Union Ministry of External Affairs (MEA) has conveyed to current SAARC Chair Nepal. Besides, Afghanistan, Bangladesh and Bhutan also have conveyed their reservation about attending the Summit.

India’s reservations over summit Increasing cross-border terrorist attacks in the region and Growing interference in internal affairs of member states by one country (not naming Pakistan).

However, India has clearly mentioned that it remains steadfast in commitment to regional cooperation, connectivity and contacts but believes that these can only go forward in an atmosphere free of terror.

Mega launchers for ISRO soon- I

Source: The Hindu

An advanced Indian mega space launcher, likely to power ISRO’s launchers by around 2018. It can deliver ten-tonne and heavier communication satellites to space and using a semi-cryogenic engine

Currently, the government has approved the development of the semi-cryogenic stage alone.

When fitted suitably into a launch vehicle, it will see India putting satellites of the class of 6,000 to 10,000 kilos, or with some variations, lift even 15,000-kg payloads, to geostationary transfer orbits at 36,000 km

The engine is expected to triple or quadruple ISRO’s transportation ability. ISRO has just achieved the GSLV capacity for lifting 2,000-kg payloads.

Massive payloads

Pre-project work on what is called the SCE-200 began about four years back. plan to have an [semi-cryogenic] engine and stage capable of flight by the end of 2018 and try it on the GSLV-MkIII.

Two years thereafter around 2020 this will be enhanced to 15,000 kg by putting strap-ons in clusters — the stage where major European and U.S. launch providers already are.

The high-power local capability is needed as Indian communication satellites move towards 5,000-plus kg and more from 2017. By then, ISRO plans to build and launch its heaviest 5,700-kg GSAT-11 spacecraft, although on a European Ariane rocket for a big fee.

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